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Oil prices edge down, pressured by US supply

Oil prices edge down, pressured by US supply

FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. Picture taken December 7, 2018. REUTERS/Stringer

On Thursday, after solid gains the day before oil prices inched lower, pressured by data showing a smaller-than-expected turn down in crude stockpiles in the United States.

Front-month Brent crude futures, the global benchmark for prices of oil, were down 0.4% at $63.60 for each barrel by 0112 GMT. On Wednesday, Brent closed up 2.3%.

The United States WTI (West Texas Intermediate) crude futures were down 0.3% at $57.18 for each barrel. On Wednesday WTI closed up 1.9%. That compared with analyst prospects for a decrease of 3 million barrels.

Edward Moya, senior analyst, OANDA said that “the U.S. oil market remains oversupplied,”

Crude prices were underpinned after the group, known as OPEC+ (Organization of the Petroleum Exporting Countries) and other producers such as Russia on Tuesday agreed on to extend oil supply cuts in anticipation of March 2020.


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Jesse Baker

While energy may not be the juiciest of topics to write on, Jesse makes it his life’s work to make sure that the right kind of news makes it to your dashboards every single day. His inclination lies in conservationist action and thinking, often bordering towards reform! Their fresh perspective and on hand factual accuracy see them making ripples across the board when it comes to new methods of energy conservation and weighing the restructuring of our world.
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